When I lived in China, I learned that the number eight is considered an auspicious number (and the number four is the most unlucky of them all!). The 2008 Beijing Olympics officially kicked off on August 8th, at eight minutes and eight seconds past eight PM. You would often see items priced at ¥19.8, ¥36.8, or go on sale where the new price is 88% of the old one. When giving money in a red envelope to my children during the Lunar New Year, I still send them $88.

The most common explanation is that the number 8, pronounced as “bā” in Mandarin Chinese, sounds like the verb “发”, pronounced as “fā”, which means “to get rich”. Eight is a number that represents status, wholesomeness, and continuity. The infinity symbol also looks like the number 8 written sideways.

So as we approach the end of the year and business leaders are looking to bring prosperity and wealth in the new year, here are the eight reasons they should incorporate Cultural Intelligence (CQ) training into their strategic plans:

• CQ boosts your corporate reputation.

Cross-cultural skills are one of the most vital capabilities to remain competitive. Teams with low CQ underperform compared to those with high levels when it comes to innovation, engagement and profitability. CQ helps you understand the cultural nuances of other nations and regions and adds a competitive advantage by helping you avoid making the same mistakes that many other companies have made before you.

• CQ improves communication and collaboration among colleagues.

Employees will be able to better understand each other’s backgrounds and perspectives, therefore, will be able to work more effectively together. This may lead to increased productivity and decreased turnover rates because of workplace conflict between staff members who come from different cultural backgrounds.

• CQ allows for faster and more effective problem-solving

There is no doubt that diverse teams are more successful because they have access to a wider variety of perspectives. Employees who have been trained in cultural intelligence will have an easier time understanding clients’ needs and communicating those needs back to others so they can be met promptly and efficiently.

• CQ promotes creativity and innovation

Cultural intelligence training allows for access to a broader range of tools and resources than a company with low CQ would have. This ensures an understanding of various cultural experiences, which could help to better shape a product or service. When employees are culturally intelligent, they can create products that appeal to customers from other cultures. This ensures that your company will remain relevant and competitive as new markets open up around the globe.

• CQ tackles personal or unconscious biases

Cultural intelligence training teaches employees how to adapt their behavior in different situations so that they don’t offend or insult anyone by accident. It also helps them develop strong relationships with clients and colleagues who come from different cultures than their own, reducing workplace discrimination against employees who belong to minority groups or who have different beliefs than those held by others at their workplace.

• CQ allows people to work more inclusively and effectively

When employees have a deeper understanding of themselves and others in their environment, it makes them more flexible and able to adapt when necessary. This makes them more valuable employees because they’re able to be flexible without needing constant supervision or guidance from management.

• CQ improves the quality of service

One of the most obvious benefits of cultural intelligence training for businesses is that it makes it easier for employees to communicate with customers from around the globe. Cultural intelligence training facilitates a high level of customer satisfaction, as employees will have a better understanding of what customers want and how to communicate with them. This can lead to higher profits and reduced costs associated with poor customer service.

• CQ helps avoid misunderstandings

Cultural intelligence helps you build relationships with potential clients or partners by learning about their culture and how it differs from yours before meeting them face-to-face. This helps prevent misunderstandings or miscommunications during meetings later on down the road.

A tailored CQ training approach that meets the needs and knowledge gaps of individual organizations could improve the day-to-day activities of the employees and the leadership team for long-term prosperity.